don't gamble with your business insurance

These Business Insurance Risks Aren’t Worth Taking

Don’t gamble with your business insurance.

While you want to save on your business insurance in Plano, Texas, compromising your coverage to do so isn’t worth it.  In many cases, taking risks with your commercial coverage will only end costing you in the long run.  Here are some of the business insurance gambles that are never worth taking.

  • Relying on Personal Insurance Coverages

If you are operating a small business out of your home, you may assume that your homeowners insurance will supply sufficient coverage for your commercial property and assets.  Unfortunately, this isn’t the case as many homeowners policies specifically exclude business coverages.  So, if your business’s equipment sustained damage or a third-party sustained an injury while in your home for business purposes, then your home insurance would not cover these issues.  Rather than leaving yourself vulnerable to these major costs, make sure that you speak to your insurer about securing the right coverage for your home-based business.

  • Relying on Basic Policies Alone

Oftentimes, business owners carry basic general liability and commercial property policies and assume that they are sufficiently covered.  While these two policies are a great place to start, relying on these base policies alone will leave your businesses vulnerable to many risks.  Rather than allowing coverage gaps to derail your business’s operations, you should speak to your insurer to determine your company’s risks and to secure the additional policies that you need to address these risks.

  • Forgoing Workers Compensation Insurance

While almost every state in the country requires business owners to carry workers compensation coverages for their employees, some small business owners try to get around this law when they only have one or two employees working for their company.  However, forgoing workers comp coverage is a bad idea for many reasons.  Because it is illegal, forgoing this coverage could mean fines, lawsuits, and other consequences.  Additionally, if one of your employees does get injured, then paying their medical costs could cut into your profits significantly.  So, rather than leaving your business open to all these risks, it’s better to simply secure the workers comp coverage that you need.

Don’t take these risks with your business insurance in Plano, Texas.  Are you looking to secure the comprehensive commercial coverage your business needs?  If so, then contact the experts at Tri-Star Insurance/HUB International.  We are ready to assist you with all your insurance needs today.